Building a great community requires having a board of directors dedicated to enhancing the living experience of your community’s residents. Its primary job is to set policies for your association. In addition, it is responsible for:
  • Protecting the interests of the HOA
  • Creating a vision for the future of your community
  • Managing the association’s business affairs
  • Providing proper stewardship
  • Maintaining common areas
To do its job effectively, your board must understand and follow your association’s governing documents. It must also conduct regular meetings and set goals, while remaining mindful of your community’s financial stability.
Having well-defined roles facilitates the board’s ability to carry out its responsibilities. A knowledgeable Nevada community association management company can assist in clarifying the roles of different board positions and help your board members cultivate the qualities they need to fulfill their respective roles.
The three most important roles on a board are those of your president, secretary and treasurer. Depending on your needs, your board may include additional members, such as a vice president to step in when the president isn’t available, and directors who act as general voting members, help make decisions and work on special projects.
Below is a brief overview of the roles and responsibilities of your board president, secretary and treasurer.
This is perhaps the most important role on your board and requires someone with leadership skills, objectivity, and level-headedness. Familiarity with the mechanics of running effective meetings is also crucial. Among your board president’s responsibilities during meetings are:
  • Presiding over the meeting
  • Calling the meeting to order
  • Announcing the agenda
  • Proposing questions
  • Calling votes
  • Announcing outcomes
  • Recognizing speakers to the floor
Your president serves as the primary authority on the rules and documents governing your association and may appoint committees if dictated by your bylaws. The president also is responsible for executing contracts and may serve as the main contact for your community association management company. A person in this role should be very familiar with your community and its diverse needs.
The secretary maintains correspondence and comprehensive records of all the business conducted by the board. In addition, this role is responsible for preserving association history. The person who takes on this position must be detail oriented and objective so that records are accurate and unbiased.
The treasurer’s role is to review financial statements and to provide the board with regular reports on your HOA’s financial health, including income, expense, and annual financial reports. The treasurer also prepares the association’s budget (working with your management company, if you have one) and develops investment strategies. Additionally, the treasurer oversees tax filings and annual audits.
Individually, your elected board members bring unique skills and expertise to the table. Together, they combine their strengths to work toward making your community a success. While they need to work as a team to achieve the overall goals of your community, it’s important that they also have an opportunity to grow within their roles.
For more information on how the right community management company can help your board support the needs of your community, contact FirstService Residential, Nevada’s leading community management company.
Friday August 05, 2016